U.S Stock Market today: S&P 500 banking index crashes, Visa, Mastercard, JPMorgan Chase share prices down

S&P 500 banking index fell ‌about 1 per cent. Other big banks, due to report their quarterly numbers later this week, are widely expected to post stronger results, helped by a pickup in dealmaking.

Visa share price slumped 4.7 per cent and Mastercard fell 5.3 per cent as JPMorgan Chase CFO Jeremy Barnum's comments revived a selloff on concerns ‌over a proposed ‌10 per cent one-year cap on credit card interest rates. JPMorgan dropped 2.5 per cent as a drop in investment banking fees also overshadowed its better-than-expected quarterly profit.

U.S. stock indexes fell on Tuesday, pressured by financials after ⁠JPMorgan cautioned that a planned cap on credit-card rates would weigh on consumers, while an expected increase in inflation kept bets alive for interest rate cuts this year.


With the S&P 500 and the Dow near record highs on Monday, investors once again rotated away from richly valued growth stocks toward overlooked areas of the market, continuing a pattern seen since the beginning of the year.

Tech stocks slipped ​0.2 per cent, while energy, consumer staples and industrials gained. Ryan Detrick, chief market strategist at ​Carson Group, said the shift from tech to other sectors is encouraging, stressing that "the lifeblood of a bull ‌market is rotation" in sectors.

The ‍Russell 1000 value index was about flat, while the growth counterpart fell 0.5 per cent. The small-cap Russell ‍2000 is up 6.2 per cent in the first seven trading days of this year, ‌while the S&P 500 rose 1.9 per cent, as of Monday's close.

FAQs

Q1. Which are top four indexes of U.S Stock Market?

A1. Top four indexes of U.S Stock Market are -- S&P 500, Nasdaq, Dow Jones, Russell ‍2000.

Q2. How has Russell index performed?

A2. Russell 1000 value index was about flat, while the growth counterpart fell 0.5 per cent. The small-cap Russell ‍2000 is up 6.2 per cent in the first seven trading days of this year, ‌while the S&P 500 rose 1.9 per cent, as of Monday's close.